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Q2 2022 Revenue Up Slightly Over Q2 2021 Levels
ISLAND PARK, N.Y., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reports results for its second fiscal quarter ended June 30th, 2022.
Highlights for the three months ended June 30th, 2022, compared to the three months ended June 30th, 2021, were as follows:
Revenue increased to $560,724 compared to $556,579, an increase of 1% over 2021 period.
Gross profit margin decreased to 26.7% in 2022 compared to 43.1% in the same period in 2021. The decrease in gross profit margin in 2022 is attributable to significantly increased logistics and inventory costs.
Highlights for the six months ended June 30th, 2022, compared to the six months ended June 30th, 2021, were as follows:
For the six months ended June 30th, 2022, revenues were $893,608 compared to $1,379,979 with 35% decrease over 2021 period. The decrease in revenue is attributable to a one-time club store order during the first half of last year, as well as a decrease in Q1 2022 revenue due to the opening and transitioning to a new warehouse which is now 100% operational.
Gross profit margin contracted to 28.9% in 2022 compared to 41.6% in 2021. The decrease in gross profit margin in the first half of the 2022 period is attributable to significantly increased logistics and inventory costs.
Paul Adler, Chairman, and CEO stated, “While the operating environment has been extremely difficult in the first half of 2022, we were still able to sustain last year’s growth in Q2 of this year and deliver a slight to flat increase in revenues. As we entered the second half of this year, we believe we have the ability to diversify our business in different verticals so we can continue to find new ways to grow. The growth may come from acquisitions and potential combinations in various sectors and entrance into other segments of the business.”
About Global Diversified Marketing Group
Headquartered in Island Park, NY - Global Diversified Marketing Group Inc operates as a diversified holdings company through several divisions with one of its divisions as a global multi-line consumer packaged goods (“CPG”) company with branded product lines and is a food and snack manufacturer, importer and distributor in the United States, Canada, and Europe. The Company operates in the snacks market segment and offers Italian Wafers, Italian filled croissants, French Madeleines, Wafer Pralines, shelf-stable Macarons, and other gourmet snacks. The company sells its products directly through various distribution channels comprising specialty, grocery retailers, food-service distributors, direct store delivery (“DSD”) as well as the vending, pantry, and the micro-market segment.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations, and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations, or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Global Diversified Marketing Group Inc
Paul Adler, President & CEO